Polaris Financial falls 6% post disappointing numbers in Q3

Software services provider Polaris Financial Technology fell as much as 5.8 percent in early trade on Wednesday after a disappointing set of numbers in the third quarter of financial year 2012-13.

Consolidated net profit dropped 26 percent quarter-on-quarter to Rs 40.7 crore while income from operations went down 4.3 percent QoQ to Rs 560.6 crore in the quarter.

Meanwhile, The Times of India reported that Polaris has appointed a four-member task force to explore all strategic options to unlock shareholder value. "The company could sell its smaller products business or demerge software services and products into separate entities to unlock value," the report said.

Shares slipped 3.07 percent to Rs 124.60 at 10:18 hours IST on Bombay Stock Exchange.

In the previous trading session, the stock plunged 9.25 percent to close at Rs 128.55.

Also Read
HUL dips on poor Q3, new royalty pact; brokers cut rating
Expert tips to play Ibulls Realty, Dish TV, HUL, Kotak Mahindra
Bull's eye: Buy Bajaj Finserv, Kingfisher, short HDIL